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Estonian, Latvian and Lithuanian electricity transmission system operators have signed a Memorandum of Understanding on the purchase of the shares of the Nord Pool Spot.

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Estonian, Latvian and Lithuanian electricity transmission system operators (TSOs) Elering, Augstsprieguma Tīkls and Litgrid have signed a Memorandum of Understanding (MoU) on the purchase of the shares of the Nord Pool Spot, Europe´s largest power exchange. This is a crucial milestone in the implementation of the Baltic Energy Market Interconnection Plan (BEMIP).

The current owners, Energinet.dk, Fingrid, Statnett and Svenska Kraftnät see the extension of ownership to the Baltic TSO´s as an important and natural step in the further process integration of the Baltic and Nordic electricity markets.

For the Baltic TSOs, the ownership of Nord Pool Spot is a strategic investment. It will enable participation in the decision-making process where the market interests of the respective Baltic countries are discussed. It allows the Baltic TSOs to contribute to the Nord Pool Spot corporate activities in development of the regional and European power market.

A well-functioning common power market in the Baltic area is one of the highest priorities of the BEMIP. Estonia has already been functioning as Nord Pool Spot bidding area, with day-ahead market (Elspot) and intraday market (Elbas) established.

After adoption of the new Law on Electricity in Lithuania in January, the legal background for the establishment of the Nord Pool Spot Lithuanian bidding area is in place. Agreement on Power Exchange Operation in the Republic of Lithuania between Litgrid and Nord Pool Spot has also been signed.

The launch of the Lithuanian bidding area is intended 18 June 2012. In Latvia, the certification procedure of AST as an Independent System Operator is to be completed this year. A project with Nord Pool Spot has been initiated towards launching a Latvian bidding area.